An Early Signal

A three wave decline has unfolded since reaching a new all-time high a week ago last Wednesday at 66,958. That constructive pullback found support at the Median Line (gold dotted line) of the newly drawn Schiff Pitchfork (gold P1-P3) falling just short of tagging the 38.2 retracement level of the October rally. The Fast Stochastic reached a level that has led to a least a bounce in price in the past but we have yet to have confirmation in the other oscillators. 53,835 should offer firm support if the pullback is incomplete.